McDermott reports Q4 EPS 3c, consensus (6c)Reports Q4 revenue $806.4M, consensus $715.83M. As of December 31, 2014, the company’s backlog was $3.6B, compared to $4.0B at September 30, 2014. Of the December 31, 2014 backlog, approximately 43% related to offshore operations and approximately 57% related to subsea operations. Order intake in Q4 totaled $427.7M and included a pipeline repair project in Brunei and change orders on existing projects. At December 31, 2014, the company had $8.6B in bids and change orders outstanding compared to $10.5B at September 30, 2014. At December 31, 2014, the company was targeting to bid approximately $17.6B in projects that it expects to be awarded to the market through March 31, 2016. In total, the company’s potential revenue pipeline was $29.8B as of December 31, 2014

McDermott and Petrofac form five-year strategic allianceMcDermott and Petrofac Limited announced they have formed a strategic marketing alliance to pursue top-tier deepwater subsea, umbilical, riser and flowline, or SURF, projects. The five-year alliance expects to provide oil and gas companies a competitive, integrated solution across a broad range of complex engineer, procure, construct, install Subsea projects in deep and ultra-deepwater across the US Gulf of Mexico, Mexico, Brazil, the North Sea, Mediterranean and West Africa. SURF projects are expected to be above $200M, with the project scope anticipated to be split between partners roughly equally, but according to the specifics of a particular opportunity, and governed by separate project agreements.